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After attending a summer program at Babson College in the US for young entrepreneurial development, 16-year-old high school junior Sami Malas returned to his home in the UAE, keen to find similar opportunities here. Quickly realizing that the majority of business plan competitions in the country are for undergraduates or professionals, Malas founded ‘Bizz Plan 101’, or the Dubai High School Business Plan Competition, aimed at fostering the development and creativity of rising entrepreneurs in the UAE.
“Having experienced the excitement and rewards of coming up with a viable business plan which was then critiqued by venture capital experts in the US, I knew that other high school students in the Emirates would be energized by this opportunity, and that was the inspiration behind ‘Bizz Plan 101’,” said Malas. “The competition is aimed at bridging the gap between opening a lemonade stand and creating the next Facebook for younger entrepreneurs – giving them hands-on experience in how to properly build a business strategy and execution path.”
An introductory event for the competition takes place on 29 May from 6:30-8:30pm at the Sheraton Mall of the Emirates, which at least one entrant from each two-four person team participating in the contest must attend to officially register.Malas will be on hand to outline the competition logistics, while Bayt founder RabeaAttaya and Cravia CEO Walid Hajj will share their personal insights as entrepreneurs in the region.
The nine competition judges, all of whom are professional management consultants who have volunteered to act as mentors during the process, will also be present at the 29 May launch event. Five companies – Aramex, Bayt, Cravia, Ladybird Nursery,and Majid Al Futtaim Ventures-- are sponsoring the inaugural ‘Bizz Plan 101’ competition, with the top three participating groups receiving scholarships for either high school or college totaling AED 150,000.
“We believe that this next generation of entrepreneurs in the Middle East will fully leverage their educational opportunities – we’re definitely not encouraging drop-outs – and scholarships are a way to incentivize participants to balance academic achievement with an understanding of how to develop and execute a sustainable new business,” added Malas.
Opento rising freshmen through junior high school students, ‘Bizz Plan 101’ will see two-to-four-person teams create a commercial business plan that is relevant to the region, which is due on 31 August 2014. The panel of management consultants will select the 10 most viable plans in September, and on 18 October, selected teams will present their plans, with the top three winning on that day.
“There is a tremendous satisfaction in not just coming up with an interesting idea, but understanding the process behind how it could be executed to launch and maintain a new business. Start-up businesses are part of the fabric of the Middle East’s economy, and I’m determined to show that high school students have the energy and initiative to learn how to build the emerging companies that our region needs,” Malas concluded.
More information about ‘Bizz Plan 101’ including how to register for the 29 May event, can be found at www.dubaibizzplan.com.
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